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NY A04717
Bill
Status
Introduced
2/7/2011
Primary Sponsor
Vito Lopez
Click for details
AI Summary
- Adds new section 6-n to banking law requiring mortgagors to offer delinquent mortgagees an opportunity to defer mortgage payments before commencing foreclosure
- Applies only when mortgagee is at least 60 days but no more than 180 days delinquent on mortgage loan payments
- Deferred delinquent payments are added to the principal of the loan if mortgagee accepts the deferment offer
- Mortgagor is required to offer this deferment option only once during the life of the mortgage loan
- Takes effect 180 days after the bill becomes law
Legislative Description
Requires banks to defer mortgage payments of customers who are delinquent.
Last Action
referred to banks
1/4/2012
Committee Referrals
Banks2/7/2011
Full Bill Text
No bill text available